Financial Aid Refund

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Yoshi
Yoshi Member Posts: 1 Newcomer
edited January 15 in Credits/Deductions

My wife and I are filing jointly. She's a student and received the Pell Grant, the Washington College Grant, and the Washington College Bridge Grant. These covered her college expenses with some aid still left over, so she received a $1,600.00 refund direct deposited into our joint bank account.

My question is this: Do I need to list this money as income for our taxes? If so, where would I list it since it isn't work income?

Thank you so much for your help!

Answers

  • RustyL
    RustyL FreeTaxUSA Agent Posts: 22
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    Great question Yoshi,

    You can enter most of you and your wife's education information in the 'College Tuition' section of the 'Deductions/Credits' tab, however, any scholarships/grants that weren't used for tuition, books, or other qualified education expenses can be entered on the 'Other Income' page of the 'Income' tab. That will include it as income on your return for you.